Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

SAN RAMON, CA-Publicly held United Dominion Realty Trust quietly acquired 650 newly constructed units here last month for $146.3 million. The multifamily REIT from Richmond, VA, paid $90 million for the 400-unit Mill Creek at Windermere, which is still in lease-up, and $56.3 million for the 250-unit Canyon Oaks at Windermere, according to an SEC filing from the end of July.

San Ramon is located 30 minutes east of Oakland in the Interstate 680 corridor, between the cities of Walnut Creek and Dublin. The luxury multifamily properties include one-, two- and three-bedroom apartments with walk-in closets and all new appliances including in-unit washers and dryers. Other features include attached and detached garages, a clubroom, picnic areas, playground, pool, spa and outdoor fireplace.

The seller was a partnership led by Fairfield Residential of San Diego. Curtis Gardner, a principal with Arroyo & Coates Apartment Marketing Group, handled both sides of the transaction.

Canyon Oaks was completed in late 2005 and is currently 94% leased. Apartment units average 942 sf and average monthly collections are $1,516 per unit, according to SEC filings. United Dominion says the property will be considered for future condominium conversion.

Mill Creek was completed in the second quarter of 2006 and so far approximately 74% of the units have been leased. Apartment units average 953 sf and average monthly collections are $1.498 per unit. Stabilization is expected during the first quarter of 2007.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.